Wednesday, November 23, 2005

Rare Gold Sovereign Coin Auction by Reserve Bank of Australia

The Reserve Bank of Australia, Australia’s central bank with direct control over Australia's monetary policy, will auction their entire rare gold coin collection on the 29th and 30th of November 2005.

The gold coins were accumulated during the period from 1929 to 1976 when Australian law required that gold held by the public be sold to the central bank in exchange for fiat (paper) currency. Right up to the early 1970s it was compulsory for all gold found in Australia to be sold to the government or its agents at the dictated price, within 10 days of discovery.

The RBA says it has no need to maintain this stockpile, and has decided to divest itself of the holding, with select pieces put aside for museums, coins with no numismatic value melted down, coins with low numismatic value sold by tender, and coins of high numismatic value being made available to the public.

Nearly 6000 gold coins and 800 silver and copper coins dating from 1817 will be auctioned in Melbourne at the Old Treasury Building.

The Gold Coin Auction includes:

- Nearly 2,500 Australian Half Gold Sovereigns, representing all years of issue between 1855 and 1916, including many rare and high-quality examples.

- 2,650 Australian Gold Sovereigns and Adelaide Pounds, covering most years of issue between 1852 and the 1920s.

- 750 international gold coins, featuring a wide selection of British Gold Sovereigns and Half Gold Sovereigns from 1817 on, as well as rare South African Ponds and Half Ponds.

The rare and desirable Sydney Mint Sovereigns and Half Sovereigns, especially the Type I 1855 Sydney Mint Half Sovereigns are a real highlight with an amazing seven being offered.

An uncirculated 1852 Adelaide Pound is expected to sell for $55,000 alone, while the entire collection is expected to fetch $3 Million AUD.

Reserve Bank of Australia : Media Release-Disposal of Gold Coin Holding